Poor decisions period per work day daily weekly bi-weekly semi-monthly monthly bi-monthly quarterly semi-annualy Annual: Car savings No text Frequency: Covering one of these or a major, unexpected home repair could be a huge blow to a budget. In the last year alone, at least six new titles on the subject have been published:. Annual out-of-pocket expenses if you quit working:
Stay at Home Calculator; Stay at Home Calculator. Dream of quitting your job to stay home with the kids? The first step is understanding your expenses. Your after-tax work-at-home monthly income.
To help mothers decide what is best for them and their families, WebMD consulted with psychologists, sociologists, and authors. The experts share ideas on what to consider in determining career and family choices, and provide insight on how to live with your selection. If you're a mother trying to decide whether to stay home, work full time, or work part time, here are six things to consider:. Whether you choose to stay at home, work full time, or work or part time, keep in mind that there's no such thing as perfect motherhood.
You may end up making a choice that could prove to be difficult for the household. For instance, if you choose to stay home or work part time, finances could be stretched thin.
In such cases, experts advise being strong within yourself, remembering why your choice is the best for you and your family. Then think about how you can cope with the situation. On tight budgets, Morgan Steiner says families have sacrificed things like expensive extracurricular activities, camps, vacations, cars, and places to live.
Some people choose to move to neighborhoods with good public schools so they don't have to pay for private education. Others forgo the iPods, Xboxes, Game Boys, and other popular gadgets. Continued Men's employment rates have declined 2. In the last year alone, at least six new titles on the subject have been published: Continued How to Choose Between Home and Work If you're a mother trying to decide whether to stay home, work full time, or work part time, here are six things to consider: Your family's financial picture is obviously important as basic needs such as food, shelter, clothing, and health care costs need to be covered.
Beyond the essentials, household needs vary, and it is up to you and your family to decide whether staying at home, working part time, or working full time will work best. If you decide to stay home, consider what the loss of income will mean for the family and for your own spending. Make sure to discuss this with your significant other, and if you both need help, consult with a financial planner, advises Karen S.
It is crucial to determine your own feelings about working and staying home, because it can make a difference in your child's life. Experts say a mother's level of fulfillment and the quality versus quantity of time she spends with her child are the biggest components to his intellectual and emotional development and to his ability to succeed in the world.
Your partner's support of your decision is critical; otherwise there could be many difficulties. If the person that you're living with is unsupportive, he or she may not help you with finances, child rearing, or household chores. Resentments could build up on both sides. If you and your significant other disagree over whether you should stay home or work, Yasgoor recommends a six-month trial period followed by an evaluation to see how one option works for the family.
Also, whatever course of action you take, make sure to run by potential issues with your partner. If you decide to work, for example, it's important to figure out details such as how long maternity and paternity leave will be, who will pick up kids from day care or school, or who will care for them when they're sick, says Leslie Morgan Steiner, author of Mommy Wars.
Wherever you are, make sure you have a group of people who will support you. If you stay at home, look for other moms in the neighborhood who are dealing with the same issues. At work, connect with other mothers either informally, or through structured women's groups. She says stay-at-home moms need to have adult interaction, and all moms can benefit from being around other women who face the same issues. How family friendly your employer is can play a huge role in how difficult it will be to stay home or continue working.
Enter your monthly mortgage amount here. Be sure to include PMI private mortgage insurance , coop or condo association fees, etc. Enter your monthly car payment -- or payments, if you have more than one car -- here.
Enter your monthly utilities expenses -- electric, water, gas, garbage, phone, etc. Enter your food expenses here. Try paying by credit or debit card and tracking expenses for one month beforehand to get an accurate, all-inclusive number. Since some insurance costs are included in mortgage payments, such as PMI and homeowners insurance, make certain you aren't double-counting. Other household bills combined. Enter other household bills -- cable TV, Internet service, cell phones, yard care, cleaning service, etc.
Add up all other monthly debt payments -- student loans, home-equity loans, personal loans, credit cards, etc. Contribution to retirement funds account e. IRAs outside of those automatically deducted from your paycheck. Contribution to college funds. If you are already making regular contributions to a plan, a Coverdell Education Savings Account, or other college fund for your child, enter the amount here. Dinners out, take-out, movies, other entertainment.
Enter an estimate of all family dinners out and other entertainment here. Emergency fund for unexpected expenses car or home repairs, etc. Enter the amount you regularly set aside for any and all emergencies -- car or home repair, medical expenses, etc.
This is your total yearly outlay for basic living expenses. Childcare expenses incurred by working. This number should be the cost of daycare or babysitting incurred when both you and your partner work, and when your older children are not in school.
If you have weekend childcare costs that result from working, make sure to include those, too. This is your total yearly childcare cost.
Enter amount spent on gasoline, parking, or public transportation costs on a monthly basis here. All of those fancy lattes add up -- and unless you're fastidious about bringing your lunch, so do purchased meals. Enter a monthly estimate for any purchased lunches, coffees, midday snacks, and after-hours drinks with colleagues, etc.
This is your total yearly work cost. Do you try to hit the beach once a year? Drive to see the family around the holidays? Try to take a long weekend away now and then? Enter what you spend on yearly vacations here. Holiday and birthday gifts. Beauty and family upkeep. Full head of highlights or a half? The occasional spa treatment? A regular trim for hubby?
Money Saving Mama
Stay at Home Calculator Results; or go every other year instead? Then work your way down the list of your biggest to smallest expenses and brainstorm ways you can cut back. Work on. The stay at home calculator will calculate your annual cost at cents per mile, which was the IRS allowable mileage expense at the time this calculator was created. Or, if quitting work will allow you to sell your car, instead of entering the miles per workday, simply enter the periodic savings (car payment, insurance, gasoline, etc.) and. Page 1 of 3 - Go back to work or stay home. .. - posted in Everyday Mums Chat: Hi Guys, I am in need of some advice. Apologies in advance if I ramble, I am going around in circles on this topic.